- A seller of goods (as creditor) taking them back because the buyer has breached the contract, usually by failing to make one or more payments on time, and has not attempted to work with the creditor to resolve the problem.
Business law dictionary. 2015.
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Repossession — is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction. Note that repossession is a self help type of action in which the party having right of ownership … Wikipedia
repossession — re·pos·ses·sion /ˌrē pə ze shən/ n: the act or an instance of repossessing Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. repossession … Law dictionary
repossession — To recover goods sold on credit when a person fails to pay for those goods. Rules respecting repossession vary from state to state (SA Bankruptcy.com) United Glossary of Bankruptcy Terms 2012 … Glossary of Bankruptcy
Repossession — Re pos*ses sion (r? p?z z?sh ?n or p?s s?sh ?n), n. The act or the state of possessing again. [1913 Webster] … The Collaborative International Dictionary of English
repossession — Taking physical possession of personal property collateral pledged to secure a defaulted loan. American Banker Glossary * * * repossession re‧pos‧ses‧sion [ˌriːpəˈzeʆn] noun [countable, uncountable] FINANCE PROPERTY the act of repossessing… … Financial and business terms
repossession — [[t]ri͟ːpəze̱ʃ(ə)n[/t]] repossessions 1) N VAR The repossession of someone s house is the act of repossessing it. ...the problem of home repossessions. ...families facing repossession of their homes. 2) N COUNT You can refer to a house or car… … English dictionary
repossession — To take back as when a seller or bank or finance company repossesses or takes back an item if the buyer misses an installment payment. To recover goods sold on credit or in installments when the buyer fails to pay for them. U.C.C. No. 9 503. The… … Black's law dictionary
repossession — repossess ► VERB ▪ retake possession of (something) when a buyer defaults on payments. DERIVATIVES repossession noun repossessor noun … English terms dictionary
repossession — noun see repossess … New Collegiate Dictionary
repossession — See repossess. * * * … Universalium
repossession — noun a) The condition of being repossessed b) The act of repossessing … Wiktionary